The Anchor Borrowers Program (ABP) of the CBN was established in November 2015 with the objective of creating economic linkages between Small Holder Farmers (SHF) and Anchors.
Overall, the program benefitted about 4.67 million farmers involved in either maize, rice or wheat farming.
Also, about N1.12 trillion was disbursed to 563 anchors with about N670.4 billion repaid and an outstanding payment of N450.90 billion. The program has been discontinued and the apex bank currently trying to recover funds.
The top ten beneficiary anchors of the program by amount disbursed are;
10. COPMAN
About N15.56 billion was disbursed to this anchor through the NISRAL MFB. It has successfully repaid N11.21 billion of the principal loan and has an outstanding balance of N4.24 billion.
Around 85,703 farmers were reached through this anchor with about 85,703 hectares of land approved for the program.
Recommended reading: CBN interventions: Farmers, agric firms fail to repay N380.97 billion due loans
9. KEBBI STATE GOVT
The Kebbi state government received N17.78 billion under the program which it disbursed to about 91,323 farmers who cultivated about 90,772 hectares of land. The state has successfully repaid N9.62 billion and has an outstanding payment of N8.16 billion.
8. MAGPAMAN
This anchor received N20.07 billion which it disbursed to 105,031 farmers with 105,033 hectares of land approved for cultivation. It has repaid N12.73 billion with about N7.34 billion remaining.
Read Also:
7. NECAS
NECAS distributed N29.36 billion to 107,205 farmers who cultivated about 202,175 hectares of land. It has repaid N12.27 billion and has an outstanding balance of N17.08 billion.
6. WFAN
This anchor disbursed N30.31 billion received from the CBN to 100,240 farmers who cultivated 100,240 hectares of land. It has only repaid N5.95 billion of the principal sum and still owes N24.36 billion.
5. NACOTAN
N57.87 billion was disbursed to NACOTAN by the CBN. The anchor distributed the funds to 354,941 farmers who cultivated 370,617 hectares of land. However, the anchor has only been able to pay back N39.15 billion of the funds and currently owes N18.71 billion.
4. THRIVE AGRIC
This anchor disbursed N92.07 billion it received from the CBN to 305,000 farmers who cultivated 501,000 hectares of land. It has repaid N64.54 billion and has an outstanding payment of N27.53 billion.
3. MAAN
The third highest beneficiary of CBN Anchor Borrowers Program was MAAN who received N92.43 and disbursed the funds to 477,638 farmers who cultivated 606,870 hectares of land. MAAN has repaid N65.37 billion of the funds received and currently has owes N27.06 billion in outstanding payment.
2. AFEX COMMODITIES
This anchor received N169.27 billion from the CBN which it disbursed to 483,476 farmers cultivating 865,258 hectares of land. It has N66.17 billion in outstanding payment having repaid N103.10 billion.
1. RIFAN
The Rice Farmers Association of Nigeria (RIFAN) received the most funds under the Anchor Borrowers Program (ABP) at N283.01 billion. It also reached the most farmers (1,518,603 farmers) who cultivated the most lands at about 1,403,990 hectares of land.
It has repaid N137.24 billion of the principal amount and has N145.77 billion in outstanding payment.
Source: Nairametrics
